Payment to be made only if a specific predesignated condition is met.
Tag: RAW
Contingent renewal privilege
Insurance policy provision that allows an insured to continue insurance coverage when specific conditions are fulfilled (e.g., continued full-time employment beyond age 65).
Contingent surplus note (CSN)
A form ofcontingent capital giving the (re)insurer the right to issue debt to investors or a bank if specified events take place although the arrangement may be unconditional. CSNs are equivalent to overdrafts and ensure the solvency of the (re)insurer in times of high claims.
Continuance tables
Record or schedule that shows morbidity statistics indicating the distribution of insurance claims categorized by duration of illness or amount of expense of the claims.
Continuation (Health Insurance)
A way for former employees to continue the health insurance they were covered under. The former employee must meet certain conditions.
Continuation clause
Institute Time Clause/International Hull Clause by which the vessel is held covered until arrival at her destination should she be at sea or a port of distress, at the time the policy expires. It rarely applies as the succeeding policy comes into operation immediately at the expiry date.
Continuation of coverage
Insurance coverage that remains even though an employee has a termination of employment or becomes divorced. Continuation of coverage is required by and specified in the Consolidated Omnibus Reconciliation Act of 1985 (COBRA) legislation.
Continuation of enrollment
Managed care plan option that allows an enrollee to continue in the Medicare+Choice plan when he or she leaves the plan’s service area to reside elsewhere, possibly permanently.
Continuation of Insurance. Marine Hull
The H&M Policy expires at a predetermined time and date, irrespective of the location, situation or conation of the ship. At the time the ship may be (i) between ports (ii) in peril (iii) in damaged condition. It may not be easy to arrange renewal of the insurance until the ship arrives at her destination. For this he must give prior notice to the underwriter and pay an additional premium or pro-rata monthly basis. Continuation is not automatic. The insured must take positive action to obtain the benefit of the clause and such action must be taken before the policy’s natural expiry.
Continuation option
Occupational pension scheme offers members who leave the scheme the opportunity to continue any life insurance benefit they were entitled to as members of the scheme. An ex member is able to effect cover without producing evidence of health within a limited period.
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An option in a group health insurance for an individual leaving the group to maintain insurance in respect of himself.